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Nifty below 14,200; RIL, HDFC top draggers

Indian Economy is on growth trajectory: IMF upbeat.

Oil prices in India heading towards Rs 100 mark.

Stock Market Live: The Indian market were trading lower on Wednesday dragged mainly by heavyweights RIL, HDFC, Infosys, TCS and ICICI Bank. All sectoral indices, except Nifty IT and Nifty FMCG, also saw massive selling in early deals. The metal, pharma and auto indices fell between 1-2 percent.

Opening Bell: Sensex opens lower, Nifty below 14,200; RIL, HDFC top draggers

The Indian market opened lower on Wednesday dragged mainly by heavyweights RIL, HDFC, Infosys, TCS and ICICI Bank. Losses in metal, auto and energy indices contributed most to the losses, however the banking index outperformed. At 9:18 am, the Sensex was down 168 points at 48,179 while the Nifty50 lost 45 points to 14,194.

Petrol & Diesel prices increased by 25 paise each. 

Petrol price rises to Rs 86.30/L in Delhi & Rs 92.86/L in Mumbai. Diesel Price is now at Rs 76.48/L in Delhi & Rs 83.30/L in Mumbai

2021 is the year for stock picking, says Max Life’s Mihir Vora

Mihir Vora, Director and CIO of Max Life Insurance, believes that 2021 could be a year for stock picking rather than taking a broad market call. “With largecaps trading at such valuations, there is a big gap that has opened up between the top 20 and everything else. So probably this year might be more of a stock picking year rather than taking a big market call because from largecaps the returns may be limited,” he said in an interview to CNBC-TV18. According to Vora, a lot of importance will be given to manufacturing and private sector investments.

L&T Q3FY21 operationally stronger than expectations but revenue down 1.8%

Engineering and construction conglomerate Larsen & Toubro (L&T) has reported an operationally stronger than expected quarter with order inflows beating street projections. The net profit has risen by 12.6 percent to Rs 2,648 crore versus Rs 2,352 crore and against an estimation of Rs 2,110 crore. The revenue for the quarter, however, is down 1.8 percent at Rs 35,596 crore versus Rs 36,424 crore when compared to the same period in the last fiscal (YoY). The company reported its quarterly EBITDA up 4 percent at Rs 4,280 crore versus Rs 4,117 crore. The street was working with Rs 4,163 crore.

Axis Bank will be reporting Q3 numbers on January 27. The street is expecting the lender to report its highest profit in the last 19 quarters and profit growth rate is expected to be the best in last six quarters. However, the key thing to watch out for is the pickup in loan momentum, especially on the retail side. One also needs to keep an eye out on the restructuring details. Net interest margin (NIM) and asset quality is expected to remain stable.

Aadhar Housing Finance files Rs 7,300 crore IPO papers with Sebi

Blackstone-backed Aadhar Housing Finance has filed preliminary papers with markets regulator Sebi to raise Rs 7,300 crore through an initial public offering. The IPO comprises fresh issuance of shares worth Rs 1,500 crore and an offer of sale of up to 5,800 crore by the promoter. BCP Topco VII Pte Ltd, draft red herring prospectus filed with Sebi on Sunday showed. The company proposes to utilise the money raised through fresh issue towards augmenting its capital base to meet future capital requirements. Besides, the company expects to receive the benefits of listing the equity shares on the stock exchanges, including enhancing its brand name and creating a public market for its equity shares in India.

Quick catch up of what happened in the markets on Monday.

The benchmark indices fell a percent on Monday, for the third consecutive session dragged by heavyweight Reliance Industries, which fell 5.5 percent after it missed estimates for the December quarter results. Losses in IT, auto and FMCG sectors also weighed on the sentiment. The Sensex ended 531 points lower at 48,347 while the Nifty lost 133 points to settle at 14,239. Broader markets were also lower with the midcap and smallcap indices down around 1 percent each. On the Nifty50 index, Grasim, UPL, Cipla, Hero Moto, and Axis Bank were the top gainers while Reliance, IndusInd Bank, HCL Tech, Tata Motors, and Eicher Motors led the losses.

The global economy shrank by 4.3 percent last year, over two-and-a-half times more than during the global financial crisis of 2009. The modest recovery of 4.7 percent expected in 2021 would barely offset the losses of 2020.

Economy as a whole:

“The devastating socio-economic impact of the COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy, the report said.

The Indian economy, which grew at 4.7 percent in 2019, will contract by 9.6 percent in calendar year 2020, as lockdowns and other containment efforts slashed domestic consumption without halting the spread of the disease, despite drastic fiscal and monetary stimulus”.

India’s economic growth is forecast to be 7.3 percent in 2021, the fastest growing major economy with only China coming in a close second with a 7.2 percent projected growth rate in calendar year 2021, the report said.

India seen growing by 11.5% in FY22; global outlook improves, says IMF in latest World Economic Outlook report.

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